Company Registration No. 07447993 (England and Wales)
QTL Holdings Limited
Financial Statements
For The Year Ended 31 December 2018
QTL HOLDINGS LIMITED
QTL Holdings Limited
COMPANY INFORMATION
Directors
Mr S J Clark
Mr D M Clough
Mr D W Gratrix
Mr D A McCartney
Secretary
Mr S J Clark
Company number
07447993
Registered office
Rake Lane
PO Box 4
Clifton Junction
Manchester
M27 8LP
Auditors
Garbutt & Elliott Audit Limited
33 Park Place
Leeds
LS1 2RY
QTL HOLDINGS LIMITED
QTL Holdings Limited
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
QTL HOLDINGS LIMITED
QTL Holdings Limited
BALANCE SHEET
AS AT
31 DECEMBER 2018
31 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Current assets
-
-
Creditors: amounts falling due within one year
3
(11,690)
(11,690)
Net current liabilities
(11,690)
(11,690)
Capital and reserves
Called up share capital
104,839
104,839
Capital redemption reserve
376,240
376,240
Profit and loss reserves
(492,769)
(492,769)
Total equity
(11,690)
(11,690)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 17 June 2019 and are signed on its behalf by:
Mr D M Clough
Director
Company Registration No. 07447993
QTL HOLDINGS LIMITED
QTL Holdings Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 2 -
1
Accounting policies
Company information
QTL Holdings Limited is a limited company domiciled and incorporated in England and Wales.
The registered office is
Rake Lane, PO Box 4, Clifton Junction, Manchester, M27 8LP.
1.1
Accounting convention
These financial statements have been prepared in accordance with “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £
1
.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The ultimate parent company is A. Andrews & Sons (Marbles & Tiles) Limited which is the smallest and largest group into which these financial statements are consolidated. A. Andrews & Sons (Marbles & Tiles) Limited has a registered office of 324-330 Meanwood Road, Leeds, LS7 2JE.
1.2
Going concern
The directors expect the company to remain dormant for the foreseeable future, with no further support
required from group companies.
The existing creditor balance included within these financial statements is owed to a fellow group company, who is not expected to demand repayment of this balance within 12 months of these financial statements being signed.
1.3
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
QTL HOLDINGS LIMITED
QTL Holdings Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 3 -
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors,
and
loans from
fellow group companies, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The company has no employees other than the directors.
QTL HOLDINGS LIMITED
QTL Holdings Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 4 -
3
Creditors: amounts falling due within one year
2018
2017
£
£
Amounts owed to group undertakings
11,690
11,690
4
Related party transactions
Transactions with related parties
The following amounts were outstanding at the reporting end date:
Amounts owed to related parties
2018
2017
£
£
Entities under common control
11,690
11,690
11,690
11,690
5
Parent company
The immediate parent company is Kengate Holdings Limited, a company registered in England and Wales with registered office of Rake Lane, PO Box 4, Clifton Junction, Manchester, M27 8LP.
The ultimate parent company is A. Andrews & Sons (Marbles & Tiles) Limited, a company registered in England and Wales with registered office of 324-330 Meanwood Road, Leeds, LS7 2JE. A Andrews & Sons (Marbles & Tiles) Limited is the smallest and largest group into which the company is consolidated.
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Matthew Grant.
The auditor was Garbutt & Elliott Audit Limited.
The audit report was signed on 18 June 2019